Essex Property Trust (NYSE:ESS) Releases Quarterly Earnings Results, Beats Expectations By $2.62 EPS

Key Points

• Essex Property Trust beat quarterly earnings expectations: The REIT reported $4.08 EPS, $2.62 above consensus, while revenue of $489.05 million also exceeded estimates. It guided for third-quarter 2026 EPS of $3.93–$4.05 and full-year EPS of $16.03–$16.25.
• Shares rose and analysts remain broadly positive: ESS traded at $296.45, near its 12-month high of $303.35. The stock has a “Moderate Buy” consensus rating and an average analyst price target of $299.08.
• The REIT maintains an attractive dividend but a high payout ratio: Essex pays a quarterly dividend of $2.59 per share, equivalent to $10.36 annually and a 3.5% yield, while its dividend payout ratio stands at 116.4%.

Essex Property Trust (NYSE:ESS - Get Free Report) issued its earnings results on Wednesday. The real estate investment trust reported $4.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.46 by $2.62, Zacks reports. Essex Property Trust had a net margin of 30.03% and a return on equity of 10.00%. The business had revenue of $489.05 million for the quarter, compared to analyst estimates of $485.12 million. During the same quarter in the prior year, the business posted $4.03 EPS. Essex Property Trust updated its Q3 2026 guidance to 3.930-4.050 EPS and its FY 2026 guidance to 16.030-16.250 EPS.

Essex Property Trust Stock Performance

ESS traded up $1.93 on Wednesday, hitting $296.45. 500,288 shares of the company's stock were exchanged, compared to its average volume of 510,717. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.22. The stock has a fifty day moving average of $286.65 and a two-hundred day moving average of $265.86. Essex Property Trust has a twelve month low of $238.46 and a twelve month high of $303.35. The firm has a market cap of $19.05 billion, a PE ratio of 33.31, a P/E/G ratio of 12.53 and a beta of 0.70.

Essex Property Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $2.59 per share. The ex-dividend date was Tuesday, June 30th. This represents a $10.36 annualized dividend and a yield of 3.5%. Essex Property Trust's dividend payout ratio is 116.40%.

Analyst Ratings Changes

ESS has been the subject of several research analyst reports. Weiss Ratings raised Essex Property Trust from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 12th. Sanford C. Bernstein began coverage on Essex Property Trust in a report on Friday, June 26th. They set an "outperform" rating and a $320.00 target price on the stock. Scotiabank lifted their target price on Essex Property Trust from $290.00 to $307.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Raymond James Financial upgraded Essex Property Trust from a "market perform" rating to an "outperform" rating and set a $320.00 price target for the company in a report on Friday, June 26th. Finally, Royal Bank Of Canada upped their price target on Essex Property Trust from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Essex Property Trust presently has an average rating of "Moderate Buy" and an average target price of $299.08.

Insider Buying and Selling

In other news, Director Mary Kasaris sold 600 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $279.45, for a total transaction of $167,670.00. Following the completion of the transaction, the director directly owned 2,394 shares of the company's stock, valued at approximately $669,003.30. This represents a 20.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESS. Daiwa Securities Group Inc. increased its position in Essex Property Trust by 9.5% in the third quarter. Daiwa Securities Group Inc. now owns 1,157,617 shares of the real estate investment trust's stock worth $309,848,000 after buying an additional 100,730 shares during the period. Morgan Stanley boosted its holdings in shares of Essex Property Trust by 31.3% during the fourth quarter. Morgan Stanley now owns 958,090 shares of the real estate investment trust's stock valued at $250,714,000 after acquiring an additional 228,165 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Essex Property Trust by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 938,637 shares of the real estate investment trust's stock valued at $245,627,000 after acquiring an additional 9,450 shares during the period. Ameriprise Financial Inc. grew its position in shares of Essex Property Trust by 3.9% during the third quarter. Ameriprise Financial Inc. now owns 882,010 shares of the real estate investment trust's stock worth $233,668,000 after acquiring an additional 32,981 shares during the last quarter. Finally, Resolution Capital Ltd increased its holdings in shares of Essex Property Trust by 3.2% in the 2nd quarter. Resolution Capital Ltd now owns 848,629 shares of the real estate investment trust's stock worth $240,501,000 after acquiring an additional 26,661 shares during the period. Institutional investors and hedge funds own 96.51% of the company's stock.

Essex Property Trust Company Profile

Essex Property Trust, Inc NYSE: ESS is a publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties. The company focuses on market-rate apartment communities and delivers a full suite of property services including leasing, resident services, asset management, and capital improvement programs designed to preserve and enhance long‑term property values.

Essex concentrates its portfolio in West Coast markets, with a significant presence in California and the Pacific Northwest.

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